PPP 대출은 COVID-19 기간동안 중소기업과 일부 비영리단체가 급여를 유지하도록 지원하기 위해 CARES Act 의 일부로 만들어졌다. 일반적으로 고용주가 COVID-19 이전과 비슷한 급여 수준으로 직원을 유지하는 경우 PPP 대출은 탕감이 가능하다. 탕감되지 않는 PPP 대출의 경우 대출 만기는 일반적으로 5년이고 이자율을 1% 이다.

연방 정부 소득세 신고시, 탕감된 PPP 대출은 과세 소득으로 간주되지 않으며, PPP 대출금으로 지불된 비용은 공제 대상이다. 주 정부 소득세의 경우, 대부분의 주에서는 연방 정부를 따라 탕감된 PPP 대출을 과세 소득에서 제외하고 관련 비용에 대한 공제를 허용한다. 하지만, 일부 주에서는 PPP 대출 탕감과 비용 공제를 다르게 취급할 수 있다. 아래 차트는 PPP 대출 탕감 및 관련 비용에 대한 각 주의 조세 처리 방법을 보여준다. (클릭하여 확대)

PPP 대출 탕감 관련 주 정부 세금의 영향과 CARES Act 에 대한 각 주의 대응을 면밀히 검토하는 것이 필요하겠다.

The PPP was created as part of the CARES Act to assist small businesses and eligible nonprofits in maintaining their payroll during the COVID-19 pandemic. Generally, the PPP loan is fully forgivable if employers retain employees at salary levels comparable to those before the pandemic. If there is any remaining non-forgivable PPP loan, the loan generally has a maturity of 5 years and a 1% interest rate.

For the federal purposes, forgiven PPP loans will not count as taxable income, and the expenses paid for by the PPP proceeds are deductible. However, it is not as straightforward for individual states. Many states will exclude forgiven PPP loans from taxable income and allow a deduction for related expenses, following the federal treatment. However, some states may treat the forgiveness and expense deduction differently. The chart below shows each state’s tax treatment of PPP loan forgiveness and related expenses. (Click to enlarge)

It is important to carefully assess the state tax effects of PPP loan forgiveness and closely review the state’s response to the CARES Act.

리스이용자는 ASC 842에 따라 리스의 내재이자율을 할인율로 사용하여야 한다. 리스의 내재이자율이란 리스제공자가 리스이용자에게 부과하는 이자율로 정의 된다. 리스의 내재이자율을 쉽게 산정할 수 없는 경우에, 비상장 기업들은 증분차입이자율 (incremental borrowing rate) 혹은 무위험이자율(risk-free rate)을 사용 할 수 있다. 증분차입이자율은 리스이용자가 비슷한 경제적 환경에서 비슷한 기간에 걸쳐 비슷한 담보로 사용권자산과 가치가 비슷한 자산 획득에 필요한 자금을 차입할 경우 지급해야 하는 이자율로 정의된다. 현재 기준에 따르면, 무위험이자율을 할인율로 사용하는 경우에는 모든 리스들에 이와 같은 할인율이 적용되어야 한다.

미국 재무회계 기준위원회(FASB)가 최근 비상장기업에 대한 관련 회계기준 업데이트를 발의하였다. 이 회계기준이 적용되게 되면, 비상장 기업은 전반적인 리스가 아닌, 리스자산의 종류에 따라 무위험이자율을 적용할 수 있게 된다. 또한 이 회계기준은 리스의 내제이자율이 쉽게 결정 될 수 있는 경우에는 무위험이자율이나 증분차입이자율의 선택여부와 상관없이 해당 내제이자율을 사용할것을 요구하고있다.

일반적으로, 무위험 이자율은 낮은 할인율을 의미하게 되며, 이에 따라 사용권 자산과 리스부채가 커질것으로 예상된다.

자세한 내용은 밑에 Proposed ASU 를 확인하시기 바랍니다:

https://fasb.org/jsp/FASB/Document_C/DocumentPage?cid=1176176792230&acceptedDisclaimer=true

Under ASC 842, lessees are required to use the rate implicit in the lease as the discount rate. The rate implicit in the lease is the interest rate the lessor is charging the lessee. It is referred to as the implicit rate because it is not usually specified, or explicit, in the lease agreement and must be inferred by the lessee based on additional information. When the implicit rate is not readily available, private companies are allowed to make an election to use a risk-free rate (rather than the incremental borrowing rate) as the discount rate for measuring the lease liability and the right-of-use asset. Currently, the standard requires this election to be made at the entity-wide level for the entire lease portfolio (and all leases within it).

The Financial Accounting Standards Board ("FASB") proposed an accounting standard update ("ASU") regarding this election for nonpublic business entities.  The proposal would permit lessees to elect to use a risk-free rate as the discount rate for leases by class of underlying asset, rather than at the entity-wide level.

The proposal also would require that when the rate implicit in any lease is readily determinable for any individual lease, a lessee would use that rate (rather than a risk-free rate or an incremental borrowing rate) regardless of whether it has made the risk-free rate election.

Generally speaking, using risk-free rate would mean less discount and therefore large ROU asset and lease liability.

For details, please see the proposed ASU below:

https://fasb.org/jsp/FASB/Document_C/DocumentPage?cid=1176176792230&acceptedDisclaimer=true

Treasury Report of Joe Biden’s Tax Proposal

May 28, 2021, the US Treasury released a report providing President Joe Biden’s tax proposal containing corporate and individual tax increase measures.  Most of the tax increase proposals are expected be effective tax years beginning after December 31, 2021 if enacted.  Here are some key corporate and individual tax increase proposals proposed by President Joe Biden:

• Corporate tax rate increase from 21% to 28%.
• Reduce Section 250 deduction from 50% to 25% for GILTI tax computation purpose and remove qualified business asset investment deduction.
• Repeal FDII (foreign derived intangible income) deduction.
• Impose a 15% minimum tax on corporations with book income excess of $2 billion.
• Increase top individual tax rate from 37% to 39.5%.
• Tax capital gains and qualified dividend income at ordinary rate for individuals with gross income in excess of $1 million.
• Impose tax on transfer of appreciated properties by gift or inheritance.
• Broadening application of the 3.8% net investment tax.
• Treat “carried interest” from certain partnership investment as ordinary income.
• Remove like-kind exchange deferral provision for real estate gains in excess of $1 million for joint filer.

Taxpayers should continually monitor legislative progress of the tax proposals and plan in advance to minimize expected tax burden increase.

Click the link below to see the Treasury Department’s Green Book providing additional detail on Joe Biden’s tax proposal.  https://home.treasury.gov/system/files/131/General-Explanations-FY2022.pdf

President Biden’s Tax Plans for Individuals

With Democrats’ control of both the House and Senate, many of President Biden’s tax policy change proposed during his campaign is likely to sweep through Congress.  Some of the revenue raising proposals affecting high-income individuals are summarized below:

Tax Rate Increase

An increase of top individual tax rate from 37% to 39.6% for taxpayers with adjusted gross income above $400,000.

Increase of Capital Gains Tax Rate

President Biden plans to increase the long-term capital gains and qualified dividend tax rate from 20% to ordinary tax rate of 39.6% for individuals with adjusted gross income exceeding $1 million.

Ultra-Millionaire Wealth Tax

Ultra-Millionaire Wealth Tax Act was introduced by Democratic Senator Elizabeth Warren in March which would impose a 2% annual wealth tax on taxpayers with at least $50 million in wealth and a 3% tax on those with at least $1 billion in wealth.  The Wealth will be determined based on the fair value of properties includable in one’s estate.

Estate Tax Increase

Senator Bernie Sanders and Senator Sheldon Whitehouse introduced the 99.5% Act in March which would significantly increase the estate and gift tax.  If enacted, it will change the current estate and gift tax laws by (1) reducing the estate tax exemption to $3.5 million from $11.7 million per person, pulling vast majority of individuals to subject to the estate tax; (2) reducing the lifetime gift tax exemption to $1 million and annul gift exclusion amount to $10,000 per donee; and (3) increasing estate tax rate from 40% to 65% for estate in excess of $1 billion.

Tax on Unrealized Gain

Under current law, capital gains tax on appreciation of property gifted or bequeathed is postponed in the case of gift or eliminated by the step-up basis.  However, Democrats introduced a bill that would tax appreciated property at the time of transfer by gift or death.

High net worth and income individuals are likely to face significant changes to their income tax and estate tax plans if some of these proposals are enacted.  Therefore, high net worth and income individuals should monitor legislative progress, understand the impact, and consider planning in advance to minimize the impact.

OC거주 한인 남성 8년간 해외 계좌 미신고를 통한 탈세 혐의 유죄 인정

오렌지 카운티에 거주하는 한 한인남성이 해외금융계좌에서 벌어들인 이자소득을 세금보고에 누락함에 따라 탈세 혐의로 기소 되었다. 본인의 유죄를 인정함에 따라 $573,196의 미납세금과 이에 대한 범칙금을 납부하게 되었다. 해외 금융계좌를 보고 하지 않았기 때문에 천팔백만불($18M) 상당이 들어 있는 계좌의 50%가 범칙금이 되며 경우에 따라 최대 5년의 실형이 선고 될 수 있다. 이 남성은 4월 26일 첫 법정 출두를 하게 된다. 관련된 내용은 다음의 기사에서 확인 할 수 있다: https://www.radiokorea.com/news/article.php?uid=363238

FBAR와 FATCA의 목적은 해외에 있는 금융계좌등을 사용한 조세회피를 방지하는데에 있다. 이를 위하여 국제 금융정보를 투명하게 공개하도록 되어 있으며, 중국과 러시아를 포함하여 전세계의 80개 이상의 나라가 미국에게 협조하고 있다.

해외 금융계좌를 갖고 계시고 관련 규정에 대해서 불분명한 부분이 있다면 세법 변호사 혹은 세무 담당자와 상담하시기 바랍니다.

Tax Evasion by a South Korean National

A South Korean national who lives in Orange County has been charged with tax evasion for failing to report interest income he earned from deposits in foreign bank accounts. In his plea agreement, he agreed to pay $573,916 in back taxes for the eight years plus penalties. Because he also failed to report the existence of the accounts, the plea agreement calls for him to pay a 50 percent penalty on one of his foreign accounts that held up to approximately $18 million. The statutory maximum sentence for the tax evasion offense is five years in federal prison. He is scheduled to make his initial court appearance in this case in United States District Court on April 26. For more details, please see an article here: https://www.justice.gov/usao-cdca/pr/orange-county-man-agrees-plead-guilty-tax-evasion-failing-report-interest-millions

The primary purpose of FATCA and FBAR is to prevent the use of offshore bank accounts and similar shelters as a means of hiding taxable income from the IRS. Its intent is to make these international banking practices more transparent. More than 80 nations around the world have agreed to comply with FATCA, including Russia and China.

If you have foreign financial assets and are not sure whether you are in compliance, we urge you to consult with tax attorneys or your tax service provider.

100% Deduction for Meals

IRS 가 2021년과 2022년에 발생한 business meal 비용의 100% 공제에 관한 추가 지침을 발행했다.

IRC section 274는 업무 접대 비용에 대한 50% 공제를 제공한다. 하지만, Taxpayer Certainty and Disaster Tax Relief Act of 2020 세금 감면법은 section 274 (n)(2)(D) 를 추가하여  2021년 1월 1일부터 2022년 12월 31일까지 식당에서 발생하는 업무용 식사 또는 음료 비용에 대해 일시적으로 100% 공제를 허용한다. 여기서 “식당”은 음식이 사업장에서 소비되는지 여부에 관계없이 즉각적인 소비를 위해 고객에게 식품 또는 음료를 준비하고 판매하는 사업체를 의미한다. 즉각적인 소비가 아닌 미리 포장 된 식품이나 음료를 주로 판매하는 사업은 포함되지 않는다. (예: 편의점, 주류 판매점, 자동판매기 등)

또한, 고용주의 사업장에 위치해 있고 section 119 에 따라 직원의 총 소득에서 제외되는 식사를 제공하는데 사용되는 모든 식사 시설 혹은 section 132(e)(2) 에 따라 최소 복리후생으로 취급되는 고용주가 운영하는 모든 식사 시설은 고용주와 계약 관계에 있는 제 3자에 의해 운영되더라도 세금 감면법이 정의하는 “식당”에 포함되지 않는다.

자세한 내용은 IRS Notice 2021-25 를 참고하기 바란다.

https://www.irs.gov/pub/irs-drop/n-21-25.pdf

100% Deduction for Meals

IRS issued Notice 2021-25 providing additional guidance regarding the 100% deduction for business meal expense incurred in the calendar years 2021 and 2022.

IRC section 274 provides a 50% limitation for business meal expenses.  However, the Taxpayer Certainty and Disaster Tax Relief Act of 2020 added section 274(n)(2)(D) allowing a temporary 100% deduction for business meals or beverages provided by a restaurant paid or incurred January 1, 2021, through December 31, 2022.  The notice provides that for purpose of section 274(n)(2)(D) deduction, “restaurant” means a business that prepares and sells food or beverages to retail customers for immediate consumption, regardless of whether the food or beverages are consumed on the business’s premises.    It does not include a business that primarily sells pre-packaged food or beverages not for immediate consumption (e.g., convenience store, liquor store, vending machine, etc.).

Additionally, the notice provides, for purpose of 274(n)(2)(D), that an employer may not treat as restaurant (a) any eating facility located on  the business premises of the employer and used in furnishing meals excluded from an employee’s gross income under section 119, or (b) any employer-operated eating facility treated as a de-minimis fringe under section 132(e)(2), even if such eating facility is operated by a third party under contract with the employer.

For additional detail, please see the Notice  2021-25 https://www.irs.gov/pub/irs-drop/n-21-25.pdf